I don't know if the following describes your problem, but I found the following at answers,yahoo.com. I hope it helps:
"If it is a small, clear bubble on the white part of your eye then you have a small fluid cyst that requires no treatment. If its appearance bothers you, see an eye doctor. These cysts can be drained, but they tend to recur.
If it is NOT a clear bubble definitely have it looked at."
For the "having it looked at" part, I'd recommend you see an ophthalmologist (eye M.D.) rather than an optometrist. Most optometrists do not have the background or training to diagnose eye conditions.
I have not heard of this term.
Dr. O.